Deutsche Bank AG hired Raffael Gasser as head of wealth management and private banking Germany, tapping another former colleague of Private Bank head Claudio de Sanctis for a key role.

Germany's Deutsche Bank will further trim its network of 400 branches, resulting in the shuttering of around 50 of its smaller outlets, it said on Wednesday.

Raffael Gasser has been named by Deutsche Bank to lead wealth management and private banking in Germany. The bank provides services in this sector to clients in its home market who are wealthy, and ultra-high net worth. With effect from 1 November 2024, Gasser will take up the role and join the Private Bank Executive Council.

Deutsche Bank has found a new head for its wealth management business. He is Swiss and currently still under contract at UBS.